Update on the Hoopili Development

The Honolulu Planning Commission will be meeting this week to discuss the Hoopili development project that is being proposed by D.R. Horton-Schuler Homes Hawaii.  Under the proposal, as many as 11,750 new homes could be developed in the 1,269 acre area. The developer and their supporters state that the project will help to alleviate Oahu's housing shortage as well as provide construction jobs. However, Hoopili is located on existing agricultural land, and groups opposing the redevelopment argue that the agricultural land is needed.

The state Land Use Commission has already reclassified the lad for urban use in June 2012.  Cameron Nekota, the vice president of Horton, stated that the developer has submitted all of the necessary documents that are required for the project to begin. However, opponents of the project argue that the Honolulu Planning Commission also has to give their approval.

Source: Honolulu Star Advertiser, 11-30-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
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Foreclosures 9 Percent Lower in September 2014

According to a report issued by the state Judiciary, foreclosures decreased by 9 percent in September 2014 as compared to the same month a year prior.  There were a total of 188 foreclosure lawsuits filed, which was an increase from the 131 that were filed in August and the 160 that were filed in July.

In 2012 there was an amendment to the state foreclosure law that required that attorneys must affirm in writing that they communicated with a representative of the lender pursuing foreclosure, and confirm the accuracy of allegations along with any supporting affidavits and notarizations in the lawsuit. Attorneys also must name lender representatives with whom they communicated and on what date.  This amendment has brought the number of foreclosures down significantly, but experts believe that cases will increase once lenders have adjusted to this requirement.

Source: Honolulu Star Advertiser, 11-29-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
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Maui Lu Resort in Purchased by Capbridge Pacific LLC

Capbridge Pacific LLC has announced that they have purchased the 28-acre Maui Lu Resort at Kihei.  The exact price and terms for the property have not been disclosed, but it has been reported that it was in the upper-$60 million range.  According to Capbridge, the existing 150 unit property will be redeveloped into a Hilton Grand Vacations times-share with 388-units.  The redevelopment will cost approximately $300 million and should be completed in 2017.

Source: Honolulu Star Advertiser, 11-28-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
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Tourism Arrivals Increase by 3 Percent in October 2014

According to a report released by the Hawaii Tourism Authority, visitor arrivals increased by 3 percent in October 2014 to a total of 659,821 people.  Visitor spending also increased by a total of 3.3 percent to $1.1 billion.  However, the average length of stay for visitors decreased slightly.  Ron Williams, the interim CEO of the HTA, stated, "The HTA continues to monitor slight declines in average length of stay and its potential impact on future expenditure growth. As the U.S. dollar continues to strengthen against international currencies, amidst increasing competition from closer and more affordable destinations, we also anticipate changes in the booking pace through the second quarter of 2015." 

Williams added, "During the first 10 months of the year, visitor spending continues to increase for most of our major market areas, which is demonstrative of the continued demand for travel to the Hawaiian Islands. However, we continue to monitor the impact of the weakening yen and recent consumption tax hike in Japan, which has resulted in decreases in expenditures and a shorter length of stay from the region, in comparison to the same period last year.  While we are still on track to surpass last year's record-breaking numbers, the growth trend in visitor expenditures and arrivals over the past two years is at a much slower pace than in previous years."

Source: Honolulu Star Advertiser, 11-27-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
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ValueRock Realty Partners Purchases Hawaii Kai Towne Center

Kamehameha Schools has announced that they have sold the Hawaii Kai Towne Center to ValueRock Realty Partners.  The exact financial terms were not disclosed, but the Hawaii Kai Towne Center is the fourth-largest shopping center on the island and includes two suburban office buildings, a self-storage facility, and a retail shopping and dining center on a 30-acre lot.  L. Jack Wong, the CEO for Kamehameha Schools stated, "The transition of Hawaii Kai Towne Center from a fully owned Kamehameha Schools property to one where KS retains the land but sells its improvements strengthens our perpetual endowment in support of our educational mission."

David Lee, the founder and chairman of ValueRock, added, "Over the years, ValueRock Realty Partners has been engaged in ownership and management of key Hawaii properties, We are pleased to have the opportunity to expand our presence here by adding Hawaii Kai Towne Center, a quality, mixed-use asset, to our portfolio."

Source: Honolulu Star Advertiser, 11-27-2014, www.staradvertiser.com
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Three More Towers Receive Approval in Kakaako

The Hawaii Community Development Authority has approved two new towers for developer Howard Hughes and the tower Vida, which will be located just one block Ewa of Ward Avenue on Ala Moana Blvd.  Tentatively, the new Howard Hughes towers will include  a 28-story tower with 123 units and a 35-story tower with 113 units. Both towers will be fronted by low-rise townhomes along Ala Moana Boulevard and retail space along Auahi Street. Vida will be a 39-story tower with 265 units, and is projected to sell for $900,00 to $4.7 million.  It will be located at 888 Ala Moana.  This project will be developed by MK Vida LLC, a partnership between local development firms Kobayashi Group and The MacNaughton Group.  Sales for Vida are expected to begin in March 2015.

Source: Honolulu Star Advertiser, 11-26-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
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Rooftop Solar Permits Fall by 58 Percent in October 2014

According to a report issued by the solar industry, rooftop solar permits in Honolulu has plunged by 58 percent in October 2014.  The City and County of Honolulu issued only 518 rooftop solar permits as compared to 1,246 in October 2013.  Part of this decrease is attributed to a rule change made by the Hawaiian Electric Company that required that both the customer and the contractors installing the rooftop solar panels be approved by the utility company to prevent safety and reliability concerns.  As of October 31st, there are still 4,807 solar customers that are waiting to get approval.

Source: Honolulu Star Advertiser, 11-25-2014, www.staradvertiser.com
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Downtown Store-Owners Complain About Homeless

Ever since a ban went into effect preventing sitting and lying on sidewalks in Waikiki, store-owners in Downtown Honolulu have been complaining that has been a significant increase in the number of homeless people loitering on their sidewalks.  It also appears that the arrival of homeless people from outside the neighborhood have increase the number of fights and altercations between the homeless, which is driving customers away. The Honolulu City Council has stated that they would like to expand the sit-lie ban in other areas around the state including Downtown Honolulu and Chinatown, but Mayor Kirk Caldwell added that he will wait to hear from city attorneys before signing it into law.

Source: Honolulu Star Advertiser, 11-24-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
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HPU Receives $1 Million Rent Relief for Aloha Tower Marketplace

The Aloha Tower Development Corp, a state agency, has announced that they will be giving Hawaii Pacific University $1 million in rent relief for this fiscal year while the school works to renovate the Aloha Tower Marketplace at Honolulu Harbor.  The school purchased a lease from the state in 2012 and plans to spend a total of $40 million on this renovation. The plan is to be completed by June 2015, and after that, Hawaii Pacific will pay the state at least $1 million a year until 2058.

Source: Honolulu Star Advertiser, 11-22-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
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Hawaii Hotels Set Second Highest Average Daily Rate in Country

According to a report issued by Hospitality Advisors LLC, Hawaii hotels had the second high daily rate and revenue per available room in the entire country during the first nine months of 2014.  Coming in just behind New York City, Hawaii's average daily rates were $241.28 while the revenue per available room was $187.72.  These numbers represented a 4.9 percent and 4.8 percent respectively from the previous year.

Oahu had the highest occupancy rate of 85.2 percent, while Maui came in second at a 72.5 percent occupancy rate.  Kauai had a 71.3 percent occupancy rate and Hawaii island (Big Island of Hawaii) had a 62 percent occupancy rate.  Tourism experts are trying to come up with new ways to increase the neighbor island occupancy throughout the year while increasing the cost of Oahu's rooms. Barry Wallace, the executive vice president of hospitality services for Outrigger Enterprises Group, commented, "Oahu, especially Wai­kiki, is pretty much at capacity. When you get to occupancy in the high 80s, the industry really can't sustain much more since there are always some rooms that are out of order. Practically speaking, that's about as high as it can get, so for the next few years, growth on Oahu will have to come from higher spending."

Source: Honolulu Star Advertiser, 11-21-2014, www.staradvertiser.com
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Unemployment Hits Six Year Low in October 2014

According to a report issued by the state Department of Labor and Industrial Relations, the state of Hawaii's unemployment rate fell to a six-year low of 4.1 during the month of October 2014.  Eugene Tian, the chief economist for the Department of Business, Economic Development and Tourism, commented, "It's good news because 4.1 percent is below the natural rate of unemployment for Hawaii, which we believe is about 4.5 percent. It's an indication that the labor market is continuing to improve. The low was 2.3 percent, which means we are improving but still have room to grow. There is no such thing as zero unemployment because there's always people changing from one job to another, and there's new graduates."

Honolulu County had an unemployment rate of 3.9 percent.  Maui County had a 4.3 percent unemployment rate. Kauai County had an 4.7 percent unemployment rate, while Hawaii County had a 5.3 percent unemployment rate.

Source: Honolulu Star Advertiser, 11-21-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
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Six Hundred Homeless Arrived in Hawaii Within the Last 12 Months

According to a report issued by the University of Hawaii, approximately 600 people, or six percent of the homeless population of the state, arrived in Hawaii within the last 12 months.  Approximately 1,600 people, or 16 percent of the homeless population, have moved to Hawaii within the last five years.  This report seems to reinforce a general consensus that the growing population of homeless are recent arrivals from the mainland United States who come to the islands for the warm weather, nice beaches, easy access to assistance, and universal health coverage. State and country representatives are meeting to discuss how the homelessness problem can be mitigated.

Source: Honolulu Star Advertiser, 11-20-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
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YMCA Offers to Sell or Lease Two Residence Halls Next to Manoa Campus

The YMCA of Honolulu has announced that they would like to sell or lease two residence halls that they own on the corner of University Avenue and Metcalf Street next to the University of Hawaii at Manoa. Colliers International, a commercial real estate brokerage firm, will be marketing the property without an asking price, but suggest that a new owner could either renovate the two buildings and keep it as student housing or convert them into either senior housing or condominium units.  Colliers issued a statement that read, "The YMCA board determined that continuing to allocate association funding and staffing to maintain and provide upgrades to the Atherton YMCA residence hall services and buildings was not an efficient way of expanding the Y's mission of strengthening community through programs focused on youth development, healthy living and social responsibility."  The money from the sale of the property will help the YMCA expand services elsewhere.

The City and County of Honolulu values the property for tax purposes at $10.4 million. Colliers commented that the replacement cost of the two buildings is closer to $13.5 million.

Source: Honolulu Star Advertiser, 11-18-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
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Housing Summit Examines Hawaii's Affordable Housing Crisis

Faith Action for Community Equity (FACE) organized a housing summit for developers, politicians, ministers, retirees, young people and people of all economic backgrounds to discuss what could be done about Hawaii's affordable housing crisis.  The basic assertion by FACE is that the median price for condominiums and single family homes have gotten too high for an average family to afford.  Even rental prices have soared in recent years, making things increasingly challenging for the middle class and lower class.

Mayor Kirk Caldwell, stated that developers need to help build housing for people earning up to 80 percent of the Area Median Income, which in Honolulu is $53,700 for a single person, rather than work force housing (120 to 140 percent of the median income) and luxury properties. Caldwell stated, "we've become a place where people who have a lot of money can come and live here, and the people that we love, our children, our neighbors, our families, our friends are moving away. That breaks my heart. We're losing our soul when that happens."

Caldwell added, "I don't blame the developer. They are building to a market where they can make money. We need to figure out how we can work with those developers. Just passing a law doesn't work. Maui had very aggressive standards and regulations, and the developers just didn't build."  Caldwell called for creating additional incentives for developers in the form of subsidies and tax credits.

Source: Honolulu Star Advertiser, 11-16-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
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Hawaii's Economy Expected to Continue Its Steady Growth in 2015

According to a report released by the state Department of Business, Economic Development & Tourism (DBEDT), Hawaii's inflation-adjusted gross domestic product should increase by 2.8 percent in 2015.  Richard Lim, the director of DBEDT, stated, "The (state's economic) fundamentals are strong with steady growth and we expect this to continue into 2015. Our labor market remains robust, with unemployment being the seventh lowest in the nation and employment levels reaching an historic high during the first nine months of the year. Visitor arrivals are on track to set another record year in 2014. The value of building permits increased 15.9 percent as of September, indicating a good year for construction next year."

DBEDT predicts that the construction industry will play a major part of Hawaii's economy in 2015, and noted that several major government projects including the Honolulu Rail Project and maintenance of the Honolulu Water Supply sewage treatment facilities, will help to stimulate the economy.  The full report can be found at 

DBEDT said its full report, which contains more than 100 tables, is available online at dbedt.hawaii.gov/economic/qser

Source: Honolulu Star Advertiser, 11-14-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
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Update on Vida at 888 Ala Moana

Developer MKVida LLC is proposing to build a 39-story luxury tower, called Vida at 888 Ala Moana, with 265 units priced between $900,000 to $4.7 million in Kakaako. Representatives of the project met with members of the Hawaii Community Development Authority and noted that they did find iwi kupuna, or Hawaiian burial remains, in the archaeological survey. However, the developer stated that they have already started meeting with the appropriate parties and will build the Vida tower away from this area.  There will be an open space including a protected area over the graves.

Source: Honolulu Star Advertiser, 11-13-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
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Construction Resumes for Building B of 801 South Street Project

Circuit Judge Karl Sakamoto has lifted his injunction for Building B of the 801 South Street Project after the developer had corrected what the judge ruled was a violation of state historic preservation law.  Developer Downtown Capital LLC was required to conduct an archaeological survey of the site and found absolutely no Native Hawaiian burials. As a result, construction will resume immediately after the almost six month long break while the study was being done and official approval was given by the State Historic Preservation Division of the Department of Land and Natural Resources. Ryan Harada, a principal with Downtown Capital LLC, stated, "The development team is very happy to move the project forward. We have a lot of buyers who have been very patient. We're pleased with the judge's decision."

Residents living in the neighboring Royal Capitol Plaza are very unhappy with this decision to allow Building B to be built.  They had filed several lawsuits against the developer, but Judge Sakamoto found that only one of them, the developer's lack of obtaining an archaeological survey, merited a halt in construction.  Now that has been completed, the judge felt there was no reason to delay construction any further.

Source: Honolulu Star Advertiser, 11-13-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
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Horizon Lines LLC to Sell Hawaii Operations to The Pasha Group

Horizon Lines, LLC, the second largest ocean cargo carrier which serves the Hawaiian Islands, has announced that it will be selling its Hawaii operations component to The Pasha Group for $141.5 million.  Assuming that the transaction meets regulatory approval, this will mean that Matson Inc. and The Pasha Group will be the only two domestic shipping companies to serve the state after Horizon departs. Leroy Laney, a professor of economics and finance at Hawaii Pacific University, expressed some concern about this and commented, "This is going to eliminate one competitor. It's a small one but it's one competitor. It further concentrates what is a concentrated market to begin with."  Laney noted that Mason will control just over 70 percent of the domestic shipping market share and Pasha, with the acquisition of Horizon, would control the rest.

Source: Honolulu Star Advertiser, 11-12-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
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Tourism Officials Excited About Chinese Tourist and Business Visa Announcement

President Barack Obama and Chinese government officials have announced that they will continue to encourage international cooperation and tourism by making it easier for citizens to obtain visas to the other country.  This was seen as a major milestone for the Hawaii Tourism Authority, which has been working for more than a decade to have more Chinese visitors, students and businessmen come to the islands.  Mike McCartney, president and CEO for HTA, stated, "China has become a market with tremendous growth potential. We look forward to working with our marketing contractor, Hawaii Tourism China, and industry partners to enhance travel opportunities and attract Chinese visitors to ensure the long-term sustainability of our tourism economy."  According to McCartney, there have been 128,792 visitors from China to Hawaii during the first nine months of this year.

Mark Dunkerley, the president and CEO of Hawaiian Airlines, commented, "Tourism is a vital contributor to the U.S. economy and to Hawaii in particular, and should not be underestimated. With an enormous population and a burgeoning middle class, the new visa policy will positively impact tourism and create new jobs over the long term by making our islands more easily accessible for Chinese travelers. Hawaiian Airlines offers three-times weekly service between Hono­lulu and Beijing, and we are well positioned to introduce this growing and steady new stream of visitors to our home."

Source: Honolulu Star Advertiser, 11-11-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
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Mayor's Sand Island Transitional Center Facing Unanticipated Costs and Delays

Mayor Kirk Caldwell had proposed in August to convert a 5-acre vacant lot on Sand Island into a temporary transition center for up to 115 homeless people.  Initially, the plan was expected to cost less than $1 million, but this number seems to be growing significantly, which may mean that the Mayor's office will have to drop the proposal entirely. 

The state Department of Health stated that the 5-acre lot may contain contaminants because it was once a dump site.  In order to gain approval to build the transitional center, the state Board of Land and Natural Resources stated that a soil study must be conducted to ensure that it is safe for people to camp there.  Soil remediation and resurfacing is already twice what the Mayor's office had initially anticipated, and experts believe that there may be better ways to allocate the $1 million.

Source: Honolulu Star Advertiser, 11-11-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
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UH Athletic Program to Finis Year With $3.5 Million Deficit

The University of Hawaii Athletics program has announced that they will finish the fiscal year with a $3.5 million deficit, over double than their previous estimate of $1.5 million that the gave the Board of Regents in August. Ben Jay, the Athletic Director, stated, "As we've gotten five months into the year and going into the sixth month, our financial condition has worsened, for several reasons. Obviously, the football season has been disappointing. We're currently at 2-8, but the fan ticket-purchasing has fallen off, and not unexpectedly, our revenues have suffered for it."  Donations to the athletics program are also expected to be down by $700,000.

One of the big decisions that Ben Jay will have to make will be what to do with head football coach Norm Chow. Many fans are demanding for a new head coach, but Chow has two years remaining on his contract and the athletic department needs to decide if they can afford to buy him out.  Jay commented, "In terms of coach Chow and the football program, we're going to sit down at the end of the season to discuss how the year went, and I'm not making any decisions or judgments right now until the season plays itself out."

Source: Honolulu Star Advertiser, 11-11-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
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Plan Suggested for 2.1 Acres Next to Kewalo Basin

Kewalo Waterfront Partners has proposed building a new complex on the 2.1 acre parcel located between Ala Moana Beach Park and Kewalo Basin.  Under their plan, the complex will feature several small restaurants, a jazz bar, a shopping arcade, a wedding chapel and a 250-stall parking garage.  The land is owned by the state of Hawaii and is operated by the Hawaii Community Development Authority.

Several harbor business owners are very unhappy with the proposal and believe that only maritime related facilities should be developed around Kewalo Basin.  HCDA spokeswoman, Lindsey Doi, mentioned that negotiations are still ongoing and nothing has been approved as of yet.  If lease terms are tentatively agreed to, it would still be subject two several public hearings as well as an environmental assessment.

Source: Honolulu Star Advertiser, 11-9-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
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Real Estate Sales Data for Maui for October 2014

Source: Realtors Association of Maui

Single Family Home Sales Data for the Island of Maui
October 2014 - 80 Houses Sold - $564,000 Median Price
October 2013 - 82 Houses Sold - $540,000 Median Price

Condominium Sales Data for the Island of Maui
October 2014 - 94 Condos Sold - $407,000 Median Price
October 2013 - 98 Condos Sold - $347,000 Median Price

Source: Honolulu Star Advertiser, 11-8-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
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Real Estate Sales Data for the Island of Kauai for October 2014

Source: Hawaii Information Services

Single Family Home Sales Data for the Island of Kauai

October 2014 - 35 Houses Sold - $475,000 Median Price

October 2013 - 32 Houses Sold - $580,000 Median Price

Condominium Sales Data for the Island of Kauai

October 2014 - 29 Condos Sold - $226,675 Median Price

October 2013 - 33 Condos Sold - $320,000 Median Price

Source: Honolulu Star Advertiser, 11-7-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
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Real Estate Sales Data for the Big Island of Hawaii for October 2014

Source: Hawaii Information Services

Single Family Home Sales Data for the Big Island of Hawaii

October 2014 - 146 Houses Sold - $325,750 Median Price

October 2013 - 160 Houses Sold - $266,500 Median Price

Condominium Sales Data for the Big Island of Hawaii

October 2014 - 49 Condos Sold - $295,000 Median Price

October 2013 - 62 Condos Sold - $219,475 Median Price

Source: Honolulu Star Advertiser, 11-7-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
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Real Estate Sales Data for the Island of Oahu for October 2014

Source: Honolulu Board of Realtors

Single Family Home Sales Data for the Island of Oahu

October 2014 - 298 Houses Sold - $690,000 Median Price

October 2013 - 290 Houses Sold - $640,000 Median Price

Condominium Sales Data for the Island of Oahu

October 2014 - 448 Condos Sold - $352,750 Median Price

October 2013 - 419 Condos Sold - $325,000 Median Price

Source: Honolulu Star Advertiser, 11-7-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
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Foodland to Close Its Ala Moana Center Location

Foodland Super Market Ltd. has announced that they will be closing their Ala Moana Center location after 55 years of serving that neighborhood.  Officials with the company cited higher rents as the reason why they would not be renewing their lease, but has promised to find all of the store's employees positions at other Foodland locations on Oahu.  Jenai Wall, the chairwoman and CEO of Foodland, stated, "Our company has operated a store at Ala Moana since statehood so the decision to leave the center after all these years was not an easy one, especially because of the impact the closing will have on our loyal employees and customers. Yet, while it truly saddens us to say 'goodbye' to Ala Moana, the challenges and costs of operating a store in this location today made it impossible for us to justify staying."

Francis Cofran, the general manager of Ala Moana Center, commented, "Ala Moana Center has enjoyed its long relationship with Foodland. As one of the original tenants that opened in 1959 with Ala Moana Center, Foodland will always remain a special part of the center's history. We appreciate the 55 years of partnership we have shared with Foodland and its employees and wish the company continued success serving Hawaii."

Source: Honolulu Star Advertiser, 11-6-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
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Walgreens Considering Selling Their Ala Moana Location

Walgreens Co. has announced that they are considering selling their Ala Moana store location, which is on the corner of Kapiolani Boulevard and Keeaumoku Street across from the Ala Moana Center.  Walgreens has just built an adjacent parking structure to this location which is designed to support a 20-story tower. Colliers International, a commercial real estate firm, has been retained to market the property.  Colliers marketing material stated, "The site provides for various redevelopment options. The demand and prices for new high-rise luxury residential condos in the urban core substantiate the construction costs."  An asking price has not been released to the public.

Source: Honolulu Star Advertiser, 11-4-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC
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Kapolei Lofts Breaks Ground

Developer Forest City Enterprises Inc has announced that the Kapolei Lofts development will break ground this week and is expected to complete its first homes in the fourth quarter of 2015.  Kapolei Lofts will feature 499 rental apartment units and will cost approximately $140 million to complete. Spokesman Dave Rae stated, "We're very excited about it, not just for bringing people to the urban area of Kapolei, but also meeting an incredible need for rental housing."

According to the developer, the Kapolei Lofts will be available at largely market-price rents, though 20 percent of the units will be affordable to lower-income households. Units will range in size from 400 sq ft one-bedrooms, all the way up to 1,200 sq ft three bedrooms and will cost between $1,250 to $3,200 per month.  The complex will feature a resort style pool, a cybercafe, a bike-sharing fleet, a gym, and rooms for meetings and entertainments.  Rental applications will be accepted starting next summer.

Source: Honolulu Star Advertiser, 11-2-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC
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